More McHenry County Blog

The Northwest Herald reported that the Conlon-Collins Ford property was sold for over $7 million. That is ten times what its what it is assessed for. Assuming the reported sale price is an accurate representation of what the property is worth, the property could see its assessment increased by a factor of three. Other properties included in the TIF district could also be hiked. Any increase would accrue to the schools, park and other tax districts, instead of to the TIF district.

Shepley said the city wanted to “mitigate whatever impact” that the TIF would have on the local tax districts.

“We won’t have any left any gas in the tanks,” Shepley said, presumably meaning that the council wants to give as much as it can while still accomplishing its goals of preparing Vulcan Lakes for recreational use and reorienting Route 14 business toward the waterfront.

Shepley said that the council wanted “to come to some agreement” with the other tax districts.

He pledged there “will be a full discussion,” while stifling any public comment on the Vulcan proposal.

After the meeting, Crystal Lake Grade School 47 Superintendent Ron Miller said, “They want to talk some more.”

Miller said that he had other municipalities had found ways so that ”taxing bodies don’t have to wait until the end of 23 years” to reap some of the benefits of increasing value within a TIF.

“We want to sit down and talk to them,” Miller continued.

Still, he said, “I don’t think by any stretch of the imagination that they’re going to stop it.”

Crystal Lake Park Director Kirk Reimer revealed that his board had sent the city a letter requesting a reconsideration of the recent drop of recreational developer donations from 100% to 60% going to the park district. The council planned to earmark the retained 40% for Vulcan Lake improvements.

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